Financing a New Office Tower
Special Report: Construction Lending29 January 2007
National Mortgage News
Vol. 31, No. 18
© 2007 National Mortgage News and SourceMedia, Inc. All rights reserved.
NEW YORK -- Hypo Real Estate Capital Corp. here, a subsidiary of Hypo Real Estate Bank International, has closed on a $287.5 million first mortgage loan and construction financing for a new office tower to be located at 353 N. Clark St. in the River North submarket of Chicago.
The loan is for a term of 48 months. The sponsor is Mesirow Financial, a diversified financial services firm headquartered in Chicago. Jenner & Block LLP, a leading Chicago law firm, as well as Mesirow Financial, are slated to anchor the new 45-story office tower as tenants. Together, they plan to occupy over 700,000 square feet of the planned 1,131,437 square feet of office, retail and storage space. In addition to the retail component planned for the new building, planned amenities include a 220-unit onsite parking garage. The building is slated for completion and occupancy in autumn 2009.
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